Currently have:

GT3 (of course :) )
Dynasty Warriors 2 (I quite like this, it's an interesting blend of strategy and fighting, and although the scenery isn't spectacular (as yet), having up to ~150 fairly detailed warriors fighting each-other on screen at one time is quite impressive)


Looking forward to:

WRC or any other good Rally game.

BURNOUT (Why has no one else mentioned this?) Street racing game with realistic crashes... see your souped up Pug GTI cartwheel off down the road if you clip the oncoming HGV and such like. :)

I have seen alot of burnout and it does not look like anyting special. Only good thing about it is being able to rip it up among the traffic, as with most new driving games GT3 is the bench mark and no one seems to be trying to go beyond it.